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Black-owned businesses contend with historic and unique challenges that create barriers to survival.
According to a CNBC analysis, eight out of 10 Black-owned businesses fail within the first 18 months. This reality inspired Miami-Dade Economic Advocacy Trust (MDEAT) to launch its MDEAT Business Resource and Educational Grant Program to give startup entrepreneurs a $2,500 capital infusion and access to technical assistance and resources. The agency is disseminating grants to 24 successful owners of registered for-profit or not-for-profit enterprises operating in Miami-Dade County. The program defines a startup business as a legal entity operating for at least six months and no more than two years.
The program accepts applications until Monday, Aug. 14, at 5 p.m. Applications can be submitted electronically and in person at MDEAT’s main offices at 601 NW First Court, Suite 2132, near Downtown Miami. Program qualifications and applications are available at www.miamidade.gov/EconomicAdvocacyTrust.
“Historic and unique challenges demand historic and unique solutions. MDEAT’s Business Resource and Educational Grant Program created this program to give entrepreneurs cash at a critical time in their development and the needed technical assistance to help them build sustainable enterprises,” said Bill Diggs, MDEAT executive director.
MDEAT’s latest developments reflect the organization’s aggressive implementation of its strategic plan to help decrease social-economic disparities in the county’s targeted urban areas. Last year, the agency distributed $5,000 in grants to 16 winners of its Small Minority Black Business Capitalization Grant Program. Recently, the agency wrote 35 checks for $10,000 to this year’s winner of the Small Minority Black Business Capitalization Grant Program. MDEAT’s Business Resource and Educational Grant Program brings the agency’s grant investment in Miami-Dade County’s Black business community to $490,000. Winners get a free one-year membership to the Miami-Dade Chamber of Commerce, South Dade Connections, or the Black Professionals Network.
“There are not many programs that invest in startup businesses. MDEAT and its Economic Development Action Committee created this grant opportunity to respond to the disparate challenges Black-owned businesses face as they try to access capital and other resources,” said Robert Parson, MDEAT economic development manager. “This program offers emerging entrepreneurs a community of resources and support they can leverage to scale their businesses.”
For more information about MDEAT’s Business Resource and Educational Grant Program, contact Robert Parson, Economic Development manager, at 305-375-5610 or by email at Robert.Parson2@miamidade.gov. Explore MDEAT’s website at www.miamidade.gov/EconomicAdvocacyTrust.
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